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GameStop to Add Bitcoin to Balance Sheet
Company CEO Ryan Cohen had teased possible purchases weeks ago, notably sharing a photo of himself and Strategy's Michael Saylor at a Mar-a-Lago event
What to know:
- GameStop said it will add bitcoin as a treasury reserve asset.
- The company had cash and cash equivalents of $4.76 billion as of the end of Q4.
- The move was not totally unexpected as CEO Ryan Cohen had teased bitcoin purchases for his company several weeks ago.
GameStop (GME) has added its name to the quickly-growing roster of publicly-traded companies adopting a bitcoin treasury strategy.
STORY CONTINUES BELOW
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Alongside its fourth quarter earnings report, the company said its board unanimously approved adding bitcoin as a treasury reserve asset.
CEO Ryan Cohen in early February got tongues wagging when he posted a picture of himself and Strategy (MSTR) Executive Chairman Michael Saylor at Donald Trump's Mar-a-Lago.
Several days later, Strive Asset Management CEO Matt Cole sent a letter to Cohen urging GME to use at least part of its nearly $5 billion of cash on hand to purchase bitcoin. Co-founded by Vivek Ramaswamy, Strive is an owner of GME through its ETFs.
"We believe GameStop has an incredible opportunity to transform its financial future by becoming the premier bitcoin treasury company in the gaming sector," wrote Cole.
Cohen further raised eyebrows when he tweeted out, "Letter received."
GME shares are up 5.7% in after hours trading. Bitcoin has gained modestly on the news, now trading at $88,500, ahead about 0.2% from 24 hours ago.
GameStop (GME) has added its name to the quickly-growing roster of publicly-traded companies adopting a bitcoin treasury strategy. Alongside its fourth quarter earnings report, the company said its board unanimously approved adding bitcoin as a treasury reserve asset. CEO Ryan Cohen in early February got tongues wagging when he posted a picture of himself and Strategy (MSTR) Executive Chairman Michael Saylor at Donald Trump's Mar-a-Lago. Several days later, Strive Asset Management CEO Matt Cole sent a letter to Cohen urging GME to use at least part of its nearly $5 billion of cash on hand to purchase bitcoin. Co-founded by Vivek Ramaswamy, Strive is an owner of GME through its ETFs. We believe GameStop has an incredible opportunity to transform its financial future by becoming the premier bitcoin treasury company in the gaming sector, wrote Cole. Cohen further raised eyebrows when he tweeted out Letter received. GME shares are up 5.7% in after hours trading. Bitcoin has gained modestly on the news, now trading at $88,500, ahead about 0.2% from 24 hours ago.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
